- FTX Seeks $1.8 Billion clawback from Binance, alleging fraudulent 2021 share repurchase.
- Alameda sues Waves founder, claims $90 million misappropriated via Vires finance.
- FTX Accuses Zhao of misleading tweets, citing role in exchange’s collapse.
FTX has filed a lawsuit against Binance Holdings Ltd. and its former CEO, Changpeng Zhao, to recover approximately $1.8 billion. The FTX estate alleges that this amount was illegally transferred by FTX’s former head, Sam Bankman-Fried.
The lawsuit details a July 2021 stock repurchase transaction between Binance and FTX’s co-founder, Bankman-Fried. In this agreement, Binance and Zhao sold stakes totaling about 20% in FTX’s international arm and 18.4% in its U.S.-based entity.
FTX asserts that Bankman-Fried funded this $1.76 billion deal using FTX’s token, FTT, BNB, and BUSD. FTX also accuses Zhao of releasing misleading information about FTX that contributed to its collapse, citing a tweet by Zhao on November 6, 2022, where he announced Binance’s plans to sell its FTT tokens, valued at approximately $529 million.
Alameda Research’s Lawsuit
On the same day, Alameda Research filed a lawsuit targeting Aleksandr Ivanov, founder of Waves, a blockchain platform for decentralized finance. Alameda seeks to recover about $90 million, alleging that Ivanov and associated entities mishandled funds through Vires Finance, a decentralized liquidity platform on the Waves blockchain.
Read also: Alameda Dumps 143K WLD on Binance: Worldcoin Crash Imminent?
In March 2022, Alameda deposited around $80 million in USDT and USDC on Vires, which was then converted into approximately $90 million of USDN, a stablecoin within the Waves ecosystem.
The lawsuit claims that Ivanov manipulated the value of the Waves token while redirecting funds from Vires, harming Alameda’s interests.
According to the filing, Alameda accuses Ivanov of presenting Waves and Vires as platforms where users could earn substantial profits and gain governance rights within the Vires DAO.
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